The 99 -year leasehold site was launched for public tender on 23 Jul 2012.

It has a maximum permissible gross floor area of 56,243.4 square metres.

Miss Chia Siew Chuin, Director of Research & Advisory at Colliers International said the tender for the executive condominium (EC) site at Punggol Way and Punggol Walk was contested by just three contenders, due mainly to the location of the site which is some distant from the MRT station.

“Nonetheless, the three developers remain optimistic about the residential market’s potential and are attracted to the increasingly popular Punggol address” she added.

Miss Chia says the units for this new site could possibly be priced at $750 per square foot (psf) and above,

She also estimates the break-even cost for the developer to be around $600-$650 psf.

HDB said a decision on the award of the tender will be made after the bids have been evaluated.